LIC Endowment Plans

LIC Endowment Plans

This insurance plan is assured for the policyholder after his/her death. The beneficiaries/ nominees will receive the death benefit. An endowment plan states that a single payment will be made to the insurance holder if he/she survives until the maturity period. LIC offers a wide range of insurance plans that fulfills the financial aid of every individual.

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Features Of LIC Endowment Plan:

The features that are offered in the LIC endowment plans are as given below

The payment to the endowment plan can be done on nominee survival or death that is occurred at the term period

The endowment policy is available in two plans as with profit and without profit

The bonus in the endowment plan is payable at the date of maturity or even after the occurrence of death of nominee in the maturity period

The endowment plan can be paid as a single payment or the endowment plan can be set to a shorter period

The tenure period for endowment plan can be extended as long as you want

Documents Required For Endowment Plan:

The following are the list of documents that are required to apply for the endowment plan. The basic documents that are required are

An application form that is filled with the mandatory fields

A passport size photograph

An address proof that consists of the nominee name

Proof of age

If any medical proofs are mentioned to submit then medical proofs need to be submitted

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Benefits Of Endowment Plan:

The following are the list of benefits that you will be benefited with the endowment plan

An endowment plan will provide the insurance in the term period and a single payment will be done to the nominee after the maturity period

Endowment plan works as the long term investment with high returns including tax benefits

The endowment plan is safe when compared to other mutual funds.

The policyholders can add the additional riders which will provide cover for a specific illness, critical illness, disabilities

The endowment plan will protect and assist in developing investments which help to save your money

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This plan doesn’t have any limits on the sum of the amount that is assured. The entry age to start this plan is 90 days and the people up to 65 years can start an endowment plan. The single premium plan provides death benefits and maturity benefits.

Features Of Single Premium Endowment Plan:

The minimum amount that can be insured is 50000 and there are limits over the maximum amount in this plan

The endowment plans will maturity benefits. This policy can also be used to secure a loan

The period that we can choose for this endowment plan ranges from 10 to 25 years

The entry age to start this plan is 90 days and the people up to 65 years can start an endowment plan

New endowment plan:

Some advanced features are included in this endowment plan. The minimum age entry for this plan is 8 years and the maximum age limit is 55 years.

Features Of New Endowment Plan:

The maximum amount that needs to be invested is 1 lakh and there is no limit on the sum assured

The plan tenure period is available in two modes as 12 years and 35 years

The amount can be paid monthly, quarterly, half-yearly, yearly

New Jeevan Anand plan:

This is an insurance plan that will provide life protection to the whole familyFeatures Of Jeevan Anand plan:

The minimum age entry for this policy is 15 years and the maximum age limit is 50 years

There are two different tenure periods as 15 years, 35 years

The policy can be extended up to 75 years

The new Jeevan Jyothi plan will be enhanced by using accidental death, disability rider.

Jeevan Rakshak:

The Jeevan Rakshak plan is similar to the Jeevan Lakshya plan

Features Of Jeevan Rakshak Plan:

The policy doesn’t have any limits over the sum assured

This plan offers a reversionary, bonus after the maturity of the policy

The policy will issue the death benefits of 105% in the premium paid

A discount of 2% will be available on the premium plan if they are paid every year in an annual mode

Limited Premium Endowment Plan:

The amount that can be insured in this plan is 3 lakhs and there is no limit on the maximum amount. The policy tenure is available in different modes as 12 years, 16 years, 21 years.Features Of Limited Premium Endowment Plan:

The minimum amount that should be invested is 3 lakhs and there is no limit over the maximum sum

There are three modes of policies available as 12 years, 16 years, 21 years

The premium term is either 8 years or 9 years and this plan offers death benefits and maturity benefits

Jeevan Lakshya: .

This is an endowment plan that will assure the financial support to a child to accomplish their dreams. In this plan, the beneficiary child will be assured by the total amount in the case of parent demiseFeatures Of Jeevan Lakshya:

The minimum amount that should be insured is 1 lakh and there is no limit over the maximum amount

The tenure period for this policy is 13 years and 25 years

The premium can be paid monthly, annually, half-yearly, quarterly

A discount of 2% will be available on the premium plan if they are paid every year in an annual mode and 1% will be available half-year mode

New endowment plus plan

The endowment plus is a plan that invests the policyholder money in debt and there will be guaranteed in returns

Features Of New endowment plus plan:

The minimum insured amount should be 20,000 and there is no limit over the maximum amount

The policy tenure is in two modes as 10 years and 20 years

There is an option available to change from one fund to other

LIC Jeevan Pragati Plan

This plan is also called a with-profits endowment plan that provides additional benefits.

Features Of Jeevan Pragati Plan:

After every five years, the amount that is invested will be increased to 25% even in the case of death the sum assured will be paid

An optional rider can be added to the plan. The premium paid and benefits received will earn the tax reliefs.

LIC Jeevan Labh Plan

This is an endowment plan that provides the loan in the policy tenure if the policyholder wants funds for financial emergencies.

Features Of Jeevan Labh Plan:

There is a chance to add two additional riders in the plan

A simple bonus is paid through the term of the plan. A final bonus will be paid with maturity or death benefit.

Aadhar Shila Plan

This endowment plan is offered for the females who had a valid aadhar card.

Features Of Aadhar Shila Plan:

Loyalty additions will be paid after the death or maturity of the premium if the first five years are paid

The minimum amount should be less than 3 lakhs, the maximum amount that should be assured is 3 lakhs

LIC Aadhar Stambh Plan

This is a plan that is open for the males who have a valid aadhar card.

Features Of Aadhar Stambh Plan:

The term policy of the Aadhar stambh plan offers two different modes as 10 years and 20 years

The minimum amount that can be assured is 75000 and the maximum amount that can be assured is 3 lakhs